By Devika Patel
Knoxville, Tenn., May 23 - Virginia Mines Inc. said it plans to raise C$4.5 million in a private placement of stock with an institutional fund.
The company plans to sell 500,000 flow-through common shares at C$9.00 apiece.
Proceeds will be used mainly to fund exploration on the Coulon JV project on which Virginia Mines and Breakwater Resources Ltd. announced a significant base-metal discovery. Part of the proceeds will also be used to fund exploration on other projects.
Quebec City-based Virginia Mines is a mineral exploration company.
| Issuer: | Virginia Mines Inc.
|
| Issue: | Flow-through common shares
|
| Amount: | C$4.5 million
|
| Shares: | 500,000
|
| Price: | C$9.00
|
| Warrants: | No
|
| Pricing date: | May 23
|
| Stock symbol: | Toronto: VGQ
|
| Stock price: | C$6.60 at close May 22
|
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